Conférences publiques / Public Lectures

Organized in partnership with CIRANO

[ Français ]

Paul Embrechts (ETH Zürich)
Lundi 11 septembre / Monday, September 11
19h30 / 7:30 pm
HEC Montréal
Pavillon Decelles, 5255, avenue Decelles
(métro Côte-des-Neiges)
Salle Sept-Îles, section nord, 3e étage

Paul Embrechts

"Risk Management: Then, Now and Tomorrow"

The regulatory landscape is undergoing considerable changes worldwide. The 2007–2009 Financial Crisis brought into question several aspects of regulation for banking, the so-called Basel and Solvency guidelines. At the same time, demographic and economic developments (e.g., longevity, low interest rates) are causing major problems for the insurance industry, and this mainly, but not exclusively, for life insurance. Added to these we do witness important changes to society at large, also driven by information technology. Besides the obvious social and political changes experienced worldwide, we should add more technologically driven ones like network vulnerability and systemic risk, new products, large data (data science, machine learning), block-chain technology, and cyber security. These developments will no doubt have a considerable impact on the financial and insurance industry both at the business as well as at the regulatory level. In this talk I will discuss some of the underlying issues from a more personal perspective as a researcher in Quantitative Risk Management.

Michel M. Dacorogna (DEAR-Consulting, Switzerland)
Mercredi 13 septembre / Wednesday, September 13
19h30 / 7:30 pm
HEC Montréal
Pavillon Decelles, 5255, avenue Decelles
(métro Côte-des-Neiges)
Amphithéâtre Lévis, section sud, 3e étage

Michel M. Dacorogna

"A Change in Paradigm for the Insurance Industry"

In this presentation, I will review changes in the insurance industry due to new risk-based regulations such as Solvency 2 and SST and pressure of the shareholders. The move from corporate management based on cash-flow to risk-based management will be described and discussed through its consequences on capital management, economic valuation and the internal model. I will also discuss the limits and difficulties of Enterprise Risk Management and its effect on the organization of companies. Moreover, I will emphasize the changing role of actuaries in insurance. As we will see, the risk/return relationship is becoming a central element of the company's management, slowly supplanting the traditional accounting view.